Mortgage loan data processing system and method for a loan broker

ABSTRACT

An exemplary embodiment includes a data processing system and method for managing the origination of a mortgage loan by a loan originator in coordination with a loan broker for a loan customer. The loan originator is not the loan broker. The loan originator provides services necessary for the origination of the mortgage loan and not duplicative of services provided by the loan broker.

CROSS-REFERENCE TO RELATED APPLICATIONS

This application is a continuation of U.S. application Ser. No.14/013,763, filed Aug. 29, 2013, which is a Continuation of U.S.application Ser. No. 12/074,163, filed Feb. 29, 2008, now U.S. Pat. No.8,527,402, which is a Continuation of U.S. application Ser. No.10/429,157, filed May 1, 2003, now U.S Pat. No. 7,340,435, which is acontinuation of U.S. application Ser. No. 09/349,517, filed Jul. 8,1999, now U.S. Pat. No. 7,315,841, which claims the benefit of andpriority under 35 U.S.C. §119(e) to U.S. Provisional Application No.60/093,729, filed Jul. 22, 1998, entitled “System for OriginatingMortgage Loans and Coordinating Information Between Two or More of theFollowing: Multiple Listing Services (MLS), Real Estate Offices,Lenders, Appraisers, Title Companies, Escrow Companies, Home Inspectors,Pest Control . . . Transaction”, U.S. Provisional Application No.60/093,730, filed Jul. 22, 1998, entitled “Method for Enabling RealEstate Agents, CPAs, Attorneys, Home Builders and Other Mortgage andNon-Mortgage Related Persons to Provide Potential Home Buyers orHomeowners with a Variety of Financing Options, Open House FliersPrequalification . . . Parameters”, and U.S. Provisional Application No.60/093,750, filed Jul. 22, 1998, entitled “Method for Enabling RealEstate Agents, Mortgage Banker, Mortgage Brokers, Banks, Institutions,CPAs, Attorneys, Home Builders, Direct Consumers and Other Mortgage andNon-Mortgage Related Persons to Provide Potential Home Buyers orHomeowners with Forms And Documention” each of which are incorporatedherein by reference in their entirety.

FIELD

This invention relates generally to a mortgage loan data and financialservices processing system and more particularly a method and system fora loan broker enabling real estate agents, mortgage bankers, mortgagebrokers, banks, institutions, CPAs, attorneys, home builders, directconsumers and other mortgage and non-mortgage related persons tooriginate a real estate loan or mortgage transaction for potential homebuyers or homeowners in compliance with RESPA and other regulatoryagencies. The present invention also enables the origination ofequipment leases, insurance, investments and the like.

BACKGROUND

The Real Estate Settlement Procedures Act (“RESPA”) was enacted byCongress to implement reforms in the process of real estate settlementto insure that consumers are provided with greater and more timelyinformation on the nature and costs of the settlement process and thatthe consumers are protected from unnecessarily high settlement chargescaused by abusive practices. RESPA is applicable to “federally-related”residential mortgage loan transactions and is intended to result in:

-   -   1. More effective advance disclosure to home buyers and sellers        of loan settlement costs;    -   2. Elimination of kickbacks or referral fees that tend to        unnecessarily increase the costs of certain settlement services;    -   3. A reduction in the amount of funds home buyers are required        to place in escrow accounts for payment of real estate insurance        and real estate taxes; and    -   4. Significant reform and modernization of local record keeping        of land title information.

RESPA is administered by Federal Housing and Urban Development, commonlyknown as HUD. RESPA does not affect the validity or enforceability ofany sale or contract for the sale of real property or any loan, loanagreement, mortgage, or lien made or arising in connection with afederally regulated mortgage loan. A “federally related mortgage loan”is broadly defined as a loan which is secured h a first or subordinatelien on residential real property (including individual units ofcondominiums and co-operatives) designed principally for the occupancyof one to four families, and which is made by a lender who is regulatedby or whose deposits or accounts are insured by an agency of the FederalGovernment, or it is made or insured, supplemented, guaranteed orassisted by designated Federal agencies or officers.

With regards to fees paid by lenders, most states will generally followRESPA guidelines to determine if a fee paid to real estate agents orbuilders is an “illegal referral fee” or a “legal origination fee.”Under HUD's interpretation of RESPA, lenders may pay a fee for actualservices performed by their agents or contractors. In enforcing RESPA,HUD will look at whether or not actual work has been performed, and notsolely whether there is an agreement to do the work. The work performed\must be necessary for the transaction and cannot be duplicative ofservices performed by others. Under HUD's interpretation of RESPA, the“mere taking of an application is not sufficient work to justify a feeunder RESPA.”

The present invention provides a novel data processing system and methodfor coordinating and processing mortgage loans in, a manner thatcomplies with for exceeds) RESPA guide lines to allow payment oforigination fees to real estate brokers, builders” licensed. mortgagebankers, mortgage brokers, etc. Real estate brokers and others utilizethe system of the present invention to originate mortgages, gatherdocuments, complete forms, explain loan programs, provide disclosures,order appraisals, etc. in order to foster RESPA compliance.

SUMMARY

The present invention solves the problems posed by RESPA and otherregulatory guidelines through a unique information and gathering systemand method.

In accordance with the illustrated preferred embodiment, the presentinvention provides a novel, cost effective mortgage loan and financialservices data processing system.

It is an object of the invention to provide a mortgage loan dataprocessing system that complies with RESPA guidelines.

Also, it is an object of the invention to provide a financial servicesdata processing system that complies with all applicable state andfederal regulatory guidelines,

Another object of the invention is to provide a mortgage loan andfinancial services data processing system that allows real estateagents, mortgage bankers, mortgage brokers, banks, institutions, CPAs,attorneys, home builders, direct consumers and other mortgage andnon-mortgage related persons to originate a real estate loan or mortgagetransaction for potential home buyers or homeowners.

An additional object of the invention is to provide a mortgage loan andfinancial services data processing system which eliminates the gatheringof duplicative information from a loan customer.

The system of the present invention includes, briefly, a mortgage loandata processing system for managing the origination of a mortgage loanby a loan originator for a loan customer, comprising:

-   computer processor means for processing data; storage means for    storing data on a storage medium; means for initializing the storage    medium; means for processing data regarding the loan customer    already possessed by the loan originator; means for processing data    regarding the loan customer not previously possessed by the loan    originator input through screen displays; means for processing data    regarding the already possessed and not previously possessed data    and for generating a loan application for the loan customer; and    means for processing data regarding the mortgage loan and the data    regarding the loan customer and for generating disclosure documents.

The present invention has other objects and advantages which are setforth in the description of the Detailed Description. The features andadvantages described in the specification, however, are not allinclusive, and particularly, many additional features and advantageswill be apparent to one of ordinary skill in the art in view of thedrawings, specification, and claims herein,

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a schematic diagram illustrating the loan origination computersystem of the present invention;

FIG. 2 is a flow chart describing the general methodology of the presentinvention;

FIGS. 3A-3AE are flow charts describing the detailed methodology of thepresent invention;

FIGS. 4A-4H are schematic representations of display screens of the loanoriginator computer system of the present invention displaying the userinterface for CPA's;

FIGS. 5A-5G are schematic representations of display screens of the loanoriginator computer system of the present invention displaying the userinterface for Builders;

FIG. 6 is a schematic diagram illustrating the connections between thecentral hub and the computer systems of the other entities involved inthe loan process;

FIG. 7 is a schematic diagram illustrating the connections between thecentral hub and the loan originator computer systems; and

FIGS. 8A-8H are schematic representations of display screens of the loanoriginator computer system of the present invention displaying the userinterface for loan calculation portion of the present invention.

DETAILED DESCRIPTION

The present invention is a computerized data processing system andmethod for coordinating and processing mortgage loans. The hardware andsoftware components of the loan present invention are shown in FIG. 1.

As shown in FIG. 1, the loan originator computer system 10 of thepresent invention includes a central processing unit(CPU) 12, primaryinput hardware 14, which typically includes both a keyboard and a mousefor entering data and commands into the CPU; output hardware 16including a display such as a monitor screen 18 for displaying graphicaluser interface windows and the like and, typically, a printer 20 forgenerating hard copies of the loan application and disclosure forms; amodem or Ethernet card 22 for transferring the loan application and/orother data to other computers; and a memory unit 24.

The computer system 10 and method of the present invention preferablyutilize an IBM PC or equivalent hardware (e.g. 32 bit platforms) thatoperate under WINDOWS 95 software or greater (e,g., WINDOWS 98 orWINDOWS NT). The computer system 10 preferably includes an Intel PENTIUMprocessor or compatible computer with at a hard drive and at least 16 Mbof RAM and a VGA display. Essentially, the computer system must becapable of running either WINDOWS 95, 98 or NT. The WINDOWS 95 softwareor greater software environment allows multiple software packages to runconcurrently and communicate between themselves. Communication betweenthe software packages leverages the software packages functionally intoan integrated solution and minimizes software development.

The software of the computer system 10 preferably includes the followingcommercially available application software or its equivalent: WINDOWS95 software or greater software available from Microsoft and acommercially available database such as Microsoft Access. This softwareis stored in memory unit 24 along with the program software of thepresent invention. Also stored in the memory unit 24 of the computersystem 10 is data from other customer service software. For example, aCPA would have data regarding clients stored in memory unit 24 inconnection with the CPA's accounting software.

The present invention enables various mortgage and non-mortgage relatedpersons to use information which they already possess or can obtainabout clients, prospective clients, and other contacts to originate areal estate loan transaction, thus acting as a loan originator. Thesystem is specialized for each group based on information that isalready in the loan originator's possession, or can be obtained by theloan originator with regards to prospective borrowers or is used inconjunction with or in lieu of the loan originator's normal softwaresystem for gathering and organizing and/or processing data.

The general methodology of the present invention is set forth in flowchart form in FIG. 2. As depicted, the process of the present inventionidentifies useful information already possessed by a loan originator 26a, imports the data into the loan origination system 26 b, generates thenecessary forms for the borrower 26 c, collects additional informationfrom the borrower 26 d, all of the borrower information is transferredto a lender/broker where the loan application is finalized and approved26e, and facilitates borrower's signing of the loan papers 26 f.

The specifics of the methodology of the present invention are describedin detail in the flow chart depicted in FIG. 3. The flow chart providesthe customized process for a variety of different types of loanoriginators 28 including real estate brokers/agents 28 a (identified asOriginator “RE”); home builders, FSBO's and the like 28 b (identified asOriginator “B”); CPA's, financial planners, brokers/dealers, stockbrokers, insurance brokers/agents, attorneys and other financialprofessionals 28 c (identified as Originator “FP”); financialinstitutions such as banks, savings and loans, thrifts, credit unionsand the like 28 d (identified as Originator “PI”); relocation companies28 e (identified as Originator “R”); and consumers 28 f (identified asOriginator “C”). The flow chart describes the process from the loanoriginator through the automated underwriting system to funding of theloan.

The loan originator utilizes user interface screens generated by thesoftware of the present invention to enter mortgage related data fromthe borrower to computer system 10. The customized user interfacescreens are displayed on monitor 18 and the loan originator utilizes themouse and keyboard input devices 14 to enter the data. Examples of theuser interface screens of the present invention for builders and CPA'sare depicted in FIGS. 4 and 5.

In the case of real estate agents, builders and owner-sellers acting asloan originators, the system is customized with the purchase contractand other forms that the loan originator requires. Data for these formsis typically duplicated in one or more places in a typical loanapplication and the software system will automatically send this data tothe appropriate forms and systems. Also, for these referral sources thatare most likely to have purchase-borrowers (as opposed to refinances),the system is pre-configured for each loan application to assume apurchase.

FIG. 3A includes the following.

Box 100 shows ORIGINATION SYSTEMS AND PROCEDURES. The Broker/Lender mustbegin by selecting the appropriate type of Originator from the listbelow:

Box 102 shows the originator “RE” (Real Estate Brokers/Agents). Arrow122 directs the system and procedure to go to FIG. 3B.

Box 104 shows the originator “B” (Home Builders, FSBOs, etc.). Arrow 124directs the system and procedure to go to FIG. 3F.

Box 106 shows the originator “FP”, which includes CPAs, FinancialPlanners, Broker/Dealers, Stock Brokers, insurance Brokers/Agents,Attorneys or other financial professionals. Collectively the originatoris a financial professional. Arrow 126 directs the system and procedureto go to FIG. 3J.

Box 108 shows the originator “FI” (Financial Institutions such as Banks,Savings and Loans, Thrifts, Credit Unions, etc.). Arrow 128 directs thesystem and procedure to go to FIG. 3N.

Box 110 shows the originator “R” (Relocation Company). Arrow 130 directsthe system and procedure to go to FIG. 3R.

Box 112 shows the originator “C” (Consumer is Originator). Arrow 132directs the system and procedure to go to FIG. 3V.

FIG. 3B includes the following for STEP #2—LICENSING—FOR the originator“RE”.

Box 140 asks “Is a special license required to originate loans?” Box 142shows YES to the question of Box 140.

Box 144 asks “Does the originator have required license?” Box 146 showsYES to the question of Box 144.

Box 148 shows the following. If the originator has a lender's/agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator B to originate loans with the Broker/Lender.

Arrow 150 directs the system and procedure to go to Step #3, FIG. 3C.

Box 152 shows NO to the estion of Box 140 Box 154 shows No to thequestion of Box 144.

Box 156 shows the Broker/Lender assists the originator in obtaininglicense, or the originator gets license on his/her own.

Box 158 shows the following. If the originator obtains an agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator to originate loans with the Broker/Lender.

Box 160 shows the following. If the originator obtains a broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

Box 162 shows the following. If the originator has a lender's/broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

FIG. 3C includes the following for STEP #2—LICENSING—FOR the originator“RE”.

Box 170 shows the file folder, which contains forms, pamphlets anddisclosures that are not customized for each Buyer/Borrower and astacking order checklist. Each the originator will have several blankfiles to be customized at application. File folder will be modified tocomply with regulatory and professional organization rules andstandards.

Box 172 shows COMPUTERIZED SYSTEM (Two different options for proceedingwith computerized system)

Box 174 shows without coordinating real estate purchase agreement andother forms.

Box 176 shows the following. If the Broker/Lender cannot get permissionfrom the appropriate companies or organizations that manufacture orlicense the forms to use said forms in the Broker/Lender's software,then the information needed in Cypher and REALity Check will be inputseparate from said forms. However, the system will still coordinate theinformation between the Broker/Lender and the title companies, escrowcompanies (including escrow instructions), insurance data, inspectionreports, etc. Said information will also go into loan forms. Cypher willbe modified to comply with regulatory rules and professionalorganization rules and standards.

Box 178 shows the following. When possible the system will be integratedwith the local Multiple Listing Service (MLS) to draw in the propertyinformation to eliminate the inputting of information contained on theMLS. If the Broker/Lender cannot get permission from the local MLSboards the Broker/Lender may set up systems to automate gathering suchinformation through other legal channels, such as obtaining theinformation directly from online MLS sites or other online services thathave the data available from the MLS.

Arrow 180 directs the system and procedure to go to step #4 on FIG. 3D.

Box 182 shows System coordinated with real estate purchase agreement andother forms.

Box 184 shows System will coordinate with title for and real estateforms in such a manner that information will be put in once and go tothe appropriate documents. This includes purchase agreements, counteroffers, disclosure statements, escrow instructions, title data,insurance data, inspection reports, etc. Said information will go intothe loan forms.

FIG. 3D includes the following for STEP #4—INFORMATION AND INTERVIEW—FORthe originator “RE”.

Box 200 shows the originator meets with the Buyer/Borrower to gatherinformation and submit offer on real estate purchase.

Box 202 shows the file folder, which explains forms, pamphlets, etc. toBuyer/the Borrower.

Box 204 shows REALITY CHECK Computer system used to prequalify theBuyer/Borrower to determine the maximum amount for which theBuyer/Borrower can qualify under several different loan scenarios.

Box 206 shows REALity Check can run several different options based onloan programs, down payment, closing costs, etc. Some of thisinformation will he transferred to Cypher. The originator can getcurrent rates from REALity Check, through rate sheets from theBroker/Lender (via modem), over the internet from the Broker/Lender ordirectly from the Broker/Lender over the phone.

Box 208 shows CYPHER Input information that is needed to completepurchase agreement if Broker/Lender can interact with the real estateforms. If Broker/Lender is precluded from interacting with real estateforms because of copyright infringement then the Cypher information willbe input separately. The originator may omit assets and liabilities ifthey wish and if so, then Lender/Broker will complete them. Theoriginator will complete the following other steps:

Box 210 shows Personal information to be input in Cypher includes (butis not limited to) current address and phone number as well asinformation on whether or not the Buyer/Borrower currently owns or rentshis/her current home and the amount of the monthly housing payments. Ifthe Buyer/Borrower owns his/her current home then the market value isentered as well. Length of time at residence is also entered. Name andaddress of employer, time on the job, current compensation, job titleand employers phone number are also entered.

Arrow 212 directs the system and procedure to go to continue step #4 onFIG. 3E.

FIG. 3E includes the following for STEP #4 (CONT)—INFORMATION ANDINTERVIEW FOR the originator “RE”.

Box 220 shows Property information to be entered includes (but is notlimited to) sales price of home, contingencies, amount of deposits,amount of future deposits, etc. The originator also tells Cypher whetherthe Buyer/Borrower wants a set loan amount or if the loan is to be a setpercentage of the ultimate sales price.

Box 222 shows Loan details to be entered include (but are not limitedto) estimated final sales price after all options are selected and anestimated final loan amount (should estimate on the high side); rate;term; points; whether or not there is a balloon payment; title andescrow fees (if Cypher has these fees in advance they can bepre-programmed into the system) and whether or not the originator isgiving a credit for closing costs. Such a credit can be manually inputor Cypher can calculate the credit if it is based on a pre-determinedformula. The originator will also indicate whether or not theBuyer/Borrower will have impounds for taxes/insurance.

Box 224 shows the originator must also complete the Declarations sectionon the loan application (example page 3 of current FNMA 1003), thissection discloses any lawsuits, bankruptcies, foreclosures, loandefaults, etc. Also, information about sex and national origin isrequested. If the Buyer/Borrower does not wish to provide informationabout sex and national orgin, the originator will acknowledge that theBuyer/Borrower does not wish to provide such information.

Box 226 shows the originator prints and explains forms to theBuyer/Borrower, including forms and pamphlets from the lot folder (theboiler plate forms). The Buyer/Borrower signs all forms.

Box 228 shows the originator collects all applicable documentation onthe stacking order checklist from the Buyer/Borrower, including (but notlimited to) W-2 forms, paystubs, bank statements, tax returns,bankruptcy papers, retirement information, etc.

Box 230 shows the originator packages up all gathered information andputs said information in a pre-determined stacking order and sends it tothe Broker/Lender for processing.

Arrow 232 directs the system and procedure to go to FIG. 3Y with step#5.

FIG. 3F includes the following for STEP #2—LICENSING—FOR the originator“B”.

Box 240 asks “Is a special license required to originate loans?” Box 242shows YES for Box 240.

Box 244 asks “Does the originator have required license?” Box 246 showsYES for Box 244.

Box 248 shows the following. If the originator B has a lender's/agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator B to originate loans with the Broker/Lender.

Arrow 250 directs the system and procedure to go to Step #3 of FIG. 3G.

Box 252 shows NO for Box 240.

Box 254 shows NO for Box 244.

Box 256 shows the Broker/Lender assists the originator in obtaininglicense, or the originator gets license on his/her own.

Box 258 shows the following. If the originator has a lender's/broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

Box 260 shows the following. If the originator obtains an agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator to originate loans with the Broker/Lender.

Box 262 shows the following. If the originator obtains a broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

FIG. 3G includes the following for STEP #3—PRELIMINARY SETUP—FOR theoriginator “B”.

Box 264 shows the LOT FOLDER, which contains forms, pamphlets anddisclosures that are not customized for each Buyer/Borrower and astacking order checklist. Each lot in the subdivision will have his/herown lot folder. Lot folder will be modified to comply with regulatoryand professional organization rules and standards.

Box 266 shows COMPUTERIZED SYSTEM. System will be preconfigured for eachsubdivision using the originator's available lots. Thispre-configuration reduces the input needed from the originator. All setparameters for each lot are pre-configured in advance (i.e. specificmodel option, by lot; lot premiums; elevation data; premiums for view,size, location, etc.).

Box 268 shows System can be customized to include any specialized forthat the originator uses in the course of his/her business (i.e.contracts, state disclosures, federal disclosures, local disclosures,etc.) Forms that are “Boiler Plate” may be copied and included in thelot folder instead. Cypher will be modified to comply with regulatoryrules and professional organization rules and standards.

Arrow 269 directs the system and procedure to Continue with Step #4, ofFIG. 3H.

FIG. 3H includes the following STEP #4—INFORMATION AND INTERVIEW—FOR theoriginator “B”.

Box 270 shows the originator meets with the Buyer/Borrower to gatherinformation.

Box 272 shows the LOT FOLDER, which explains forms, pamphlets, etc. tothe Buyer/Borrower.

Box 274 shows REALITY CHECK, the computer system used to prequalify theBuyer/Borrower to determine the maximum amount for which Buyer/Borrowercan qualify under several different loan scenarios.

Box 276 shows REALity Check can run several different options based onloan programs, down payment, closing costs, etc. Some of thisinformation will be transferred to Cypher. The originator can getcurrent rates from REALity Check, through rate sheets from theBroker/Lender (via modem), over the Internet from the Broker/Lender ordirectly from the Broker/Lender over the phone.

Box 278 shows CYPHER the originator inputs information that is needed tocomplete preconfigured sales contract and other the originator forms.Some inputs that are not required for the originator's forms but isrequired for the loan application is included as well. The originatormay omit assets and liabilities sections of application, If it does omitthese items they will be completed by the Broker/Lender.

Box 280 shows Personal information to be input in Cypher includes (butis not limited to) current address and phone number as well asinformation on whether or not the Buyer/Borrower currently owns or rentshis/her current home and the amount of the monthly housing payments. Ifthe Buyer/Borrower owns his/her current home then the market value isentered as well. Length of time at residence is also entered. Name andaddress of employer, time on the job, current compensation, job titleand employers phone number are also entered.

Arrow 282 directs the system and procedure that Step #4 continues onFIG. 3I.

FIG. 3I includes the following STEP #4 (CONT)—INFORMATION AND INTERVIEWFOR the originator “B”.

Box 290 shows Property information to be entered includes (but is notlimited to) sales price of new home, date of price list being used,prices of any options and upgrades, amount of deposits, amount of futuredeposits, etc. the originator also tells Cypher whether theBuyer/Borrower wants a set loan amount or if the loan is to be a setpercentage of the ultimate sales price.

Box 292 shows Loan details to be entered include (but are not limitedto) estimated final sales price after all options are selected and anestimated final loan amount (should estimate on the high side); rate;term; points; whether or not there is a balloon payment; title andescrow fees (if Cypher has these fees in advance they can bepre-programmed into the system) and whether or not the originator isgiving a credit for closing costs. Such a credit can be manually inputor Cypher can calculate the credit if it is based on a pre-determinedformula. The originator will also indicate whether or not theBuyer/Borrower will have impounds for taxes/insurance.

Box 294 shows the originator must also complete the Declarations sectionon the loan application (example page 3 of current FNMA 1003), thissection discloses any lawsuits, bankruptcies, foreclosures, loandefaults, etc. Also, information about sex and national origin isrequested. If Buyer/Borrower does not wish to provide information aboutsex and national origin, the originator will acknowledge that theBuyer/Borrower does not wish to provide such information.

Box 296 shows the originator prints and explains forms to theBuyer/Borrower, including forms and pamphlets from the lot folder (theboiler plate forms). The Buyer/Borrower signs all forms.

Box 298 shows the originator collects all applicable documentation onthe stacking order checklist from the Buyer/Borrower, including (but notlimited to) W-2 forms, paystubs, bank statements, tax returns,bankruptcy papers, retirement information, etc.

Box 300 shows the originator packages up all gathered information andputs said information in a pre-determined stacking order and sends it tothe Broker/Lender for processing.

Arrow 302 directs the system and procedure to Continue with Step #5, ofFIG. 3Y.

FIG. 3J includes the following for STEP #2—LICENSING FOR “FP”. Where theoriginator “FP” includes CPAs, Financial Planners, Broker/Dealers, StockBrokers, Insurance Brokers/Agents, Attorneys or other financialprofessionals. Collectively the originator is a financial professional.

Box 310 asks “Is a special license required to originate loans?” Box 312shows YES for Box 310.

Box 314 asks “Does the originator have required license?” Box 316 showsYES for Box 314.

Box 318 shows the following. If the originator has a lender's/agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator B to originate loans with the Broker/Lender.

Arrow 320 directs the system and procedure to Continue with Step #3, ofFIG. 3K.

Box 322 shows NO for Box 310.

Box 324 shows No for Box 314.

Box 326 shows the following. If the originator has a lender's/broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

Box 328 shows the Broker/Lender assists the originator in obtaininglicense, or the originator gets license on his/her own.

Box 330 shows the following. If the originator obtains an agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator to originate loans with the Broker/Lender.

Box 332 shows the following. If the originator obtains a broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

FIG. 3K includes the following for STEP #3—PRELIMINARY SETUP—FOR theoriginator “FP”.

Box 340 shows the file folder, which contains forms, pamphlets anddisclosures that are not customized for each the Borrower and a stackingorder checklist. Each the originator will have several blank files to becustomized at application. File folder will he modified to comply withregulatory and professional organization rules and standards.

Box 342 shows COMPUTERIZED SYSTEM. The system will coordinate and readinformation from the originator's industry software such as tax filesfor accountants, insurance files for insurance brokers, Broker/Dealerfiles, etc. Through reading files in other software the originator usesin the course of his/her normal business practices, information can beextracted for loan documents. The originator inputs any information thatis not extracted from his/her other software systems directly (seedetails below under CYPHER). Cypher will be modified to comply withregulatory rules and professional organization rules and standards.

Arrow 344 directs the system and procedure to Continue with Step #4, ofFIG. 3L.

FIG. 3L includes the following for STEP #4—INFORMATION AND INTERVIEW FORthe originator “FP”.

Box 350 shows the originator meets with the Borrower to gatherinformation.

Box 352 shows the file folder, which explains forms, pamphlets, etc. tothe Borrower.

Box 354 shows DETERMINING RATE. The originator will either get ratesdirectly from the Broker/Lender or use REALity check or othercomputerized system to look up rates. Also, rates may be made availableonline or through a fax distribution or fax-on-demand system.

Box 356 shows CYPHER Transfer data from the originator's softwaresystems into Cypher to complete most of information needed in loanapplication package. The originator will manually input any otherrequired information not already provided by the originator's othersoftware systems. The originator may omit assets and liabilities. If theoriginator does not input assets and liabilities then the Broker/Lenderwill complete this info.

Box 358 shows Personal information to be input in Cypher includes (butis not limited to) current address and phone number. Length of time atresidence is also entered. Name and address of employer, time on thejob, current compensation, job title and employer's phone number arealso entered.

Box 360 shows Property information to be entered includes (but is notlimited to) current value of the Borrower's home as well as the age ofthe home and current payments.

Arrow 362 directs the system and procedure to continue Step #4 of FIG.3M.

FIG. 3M includes the following for STEP #4—(CONT)—the originator “FP”.

Box 370 shows Loan details to be entered include rate; term; points;whether or not there is a balloon payment; title and escrow fees (theycan be pre-programmed into the system). Also indicated is whether or notthe Broker/Lender is giving a credit for closing costs. The originatorwill also indicate whether or not the Borrower will have impounds fortaxes/insurance. If loan is to be a “No Point, No Fee” Cypher willcalculate and disclose applicable credits.

Box 372 shows the originator must also complete the Declarations sectionon the loan application (example page 3 of current FNMA 1003), thissection discloses any lawsuits, bankruptcies, foreclosures, loandefaults, etc. Also, information about sex and national origin isrequested. If the Borrower does not wish to provide information aboutsex and national origin, the originator will acknowledge that theBorrower does not wish to provide such information.

Box 374 shows the originator prints and explains forms to the Borrower,including forms and pamphlets from the lot folder (the boiler plateforms). The Borrower signs all forms.

Box 376 shows the originator collects all applicable documentation onthe stacking order checklist from the Borrower, including (but notlimited to) W-2 forms, paystubs, bank statements, tax returns,bankruptcy papers, retirement information, etc.

Box 378 shows the originator packages up all gathered information andputs said information in a pre-determined stacking order and sends it tothe Broker/Lender for processing.

Arrow 380 directs the system and procedure to Continue with Step #5, ofFIG. 3Y.

FIG. 3N includes the following for STEP #2—LICENSING—FOR the originator“FI ”.

Box 390 asks “Is a special license required to originate loans?” Box 392shows YES for Box 390.

Box 394 asks “Does the originator have required license?” Box 396 showsYES for Box 394.

Box 398 shows the following. If the originator has a lender's/agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator B to originate loans with the Broker/Lender.

Arrow 400 directs the system and procedure to Continue with Step #3, ofFIG. 3O.

Box 402 shows No for Box 390.

Box 404 shows No for Box 394.

Box 406 shows the Broker/Lender assists the originator in obtaininglicense, or the originator gets license on his/her own.

Box 408 shows the following. If the originator has a lender's/broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

Box 410 shows the following. If the originator obtains an agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator to originate loans with the Broker/Lender.

Box 412 shows the following. If the originator obtains a broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

FIG. 3O includes the following for STEP #3—PRELIMINARY SETUP—FOR theoriginator “FI”.

Box 420 shows the file folder, which contains forms, pamphlets anddisclosures that are not customized for each Buyer/Borrower and astacking order checklist. Each the originator will have several blankfiles to be customized at application. File folder will be modified tocomply with regulatory and professional organization rules andstandards.

Box 422 shows COMPUTERIZED SYSTEM. The system will coordinate and readinformation from the originator's industry software. Through readingfiles in other software the originator uses in the course of his/hernormal business practices, information can be extracted for loandocuments. The originator inputs any information that is not extractedfrom his/her other software systems directly (see details below underCYPHER). Cypher will be modified to comply with regulatory rules andprofessional organization rules and standards.

Arrow 424 directs. The system and procedure to Continue with Step #4, ofFIG. 3P.

FIG. 3P includes the following for STEP #4—INFORMATION AND INTERVIEW FORthe originator “FI”.

Box 430 shows the originator meets with the Borrower to gatherinformation.

Box 432 shows the file folder, which explains forms, pamphlets, etc. tothe Buyer/Borrower.

Box 434 shows DETERMINING RATE. The originator will either get ratesdirectly from the Broker/Lender or use REALity check or othercomputerized system to look up rates. Also, rates may be made availableonline or through a fax distribution or fax-on-demand system.

Box 436 shows CYPHER Transfer data from the originator's softwaresystems into Cypher to complete most of information needed in loanapplication package. The originator will manually input any otherrequired information not already provided by the originator's othersoftware systems. The originator may omit assets and liabilities. If theoriginator does not input assets and liabilities then the Broker/Lenderwill complete this info.

Box 438 shows Personal information to be input in Cypher includes (butis not limited to) current address and phone number. Length of time atresidence is also entered. Name and address of employer, time on thejob, current compensation, job title and employer's phone number arealso entered.

Box 440 shows Property information to be entered includes (but is notlimited to) current value of the Buyer/Borrower's home as well as theage of the home and current payments.

Arrow 442 directs the system and procedure to continue Step #4 of FIG.3Q.

FIG. 3Q includes the following for STEP #4—(CONT)—FOR the originator“FI”.

Box 450 shows Loan details to be entered include (but are not limitedto) rate; term; points; whether or not there is a balloon payment; titleand escrow fees (if Cypher has these fees in advance they can bepre-programmed into the system) and whether or not the Broker/Lender isgiving a credit for closing costs. Such a credit can be manually inputor Cypher can calculate the credit if it is based on a pre-deteterminedformula. The originator will also indicate whether or not theBuyer/Borrower will have impounds for taxes/insurance. If loan is to bea “No Point, No Fee” Cypher will calculate and disclose applicablecredits.

Box 452 shows the originator must also complete the Declarations sectionon the loan application (example page 3 of current FNMA 1003), thissection discloses any lawsuits, bankruptcies, foreclosures, loandefaults, etc. Also, information about sex and national origin isrequested. If the Buyer/Borrower does not wish to provide informationabout sex and national origin, the originator will acknowledge that theBuyer/Borrower does not wish to provide such information.

Box 454 shows the originator prints and explains forms toBuyer/Borrower, including forms and pamphlets from the lot folder (theboiler plate forms). The Buyer/Borrower signs all forms.

Box 456 shows the originator collects all applicable documentation onthe stacking order checklist from the Buyer/Borrower, including (but notlimited to) W-2 forms, paystubs, bank statements, tax returns,bankruptcy papers, retirement information, etc.

Box 458 shows the originator packages up all gathered information andputs said information in a pre-determined stacking order and sends it tothe Broker/Lender for processing.

Arrow 460 directs the system and procedure to Continue with Step #5, ofFIG. 3Y.

FIG. 3R includes the following for STEP #2—LICENSING—FOR the originator“R”.

Box 470 asks “Is a special license required to originate loans?” Box 472shows Yes for Box 470.

Box 474 asks “Does the originator have required license?” Box 476 showsYES for Box 474.

Box 478 shows the following. If the originator has a lender's/agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator B to originate loans with the Broker/Lender.

Arrow 480 directs the system and procedure to Continue with Step #3, ofFIG. 3S.

Box 482 shows No for Box 470.

Box 484 shows No for Box 474.

Box 486 shows the Broker/Lender assists the originator in obtaininglicense, or the originator gets license on his/her own.

Box 488 shows the following. If the originator has a lender's/broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

Box 490 shows the following. If the originator obtains an agent'slicense, it hangs with the Broker/Lender, or any other entity thatallows the originator to originate loans with the Broker/Lender.

Box 492 shows the following. If the originator obtains a broker'slicense, the originator may either hang it independently or may hang itdirectly with the Broker/Lender.

FIG. 3S includes the following with STEP #3—PRELIMINARY SETUP—FOR theoriginator “R”.

Box 500 shows the file folder, which contains forms, pamphlets anddisclosures that are not customized for each Buyer/Borrower and astacking order checklist. Each the originator will have several blankfiles to be customized at application. File folder will be modified tocomply with regulatory and professional organization rules andstandards.

Box 502 shows COMPUTERIZED SYSTEM. The system will coordinate and readinformation from the originator's industry software. Through readingfiles in other software the originator uses in the course of his/hernormal business practices, information can be extracted for loandocuments. The originator inputs any information that is not extractedfrom his/her other software systems directly (see details below underCYPHER). Cypher will be modified to comply with regulatory rules andprofessional organization rules and standards.

Arrow 504 directs the system and procedure to Continue with Step #4, ofFIG. 3T.

FIG. 3T includes the following for STEP #4—INFORMATION AND INTERVIEW FORthe originator “R”.

Box 510 shows the originator meets with the Buyer/Borrower to gatherinformation.

Box 512 shows the file folder, which explains forms, pamphlets, etc. tothe Buyer/Borrower.

Box 514 shows DETERMINING RATE. The originator will either get ratesdirectly from the Broker/Lender or use REALity check or othercomputerized system to look up rates. Also, rates may be made availableonline or through a fax distribution or fax-on-demand system.

Box 516 shows CYPHER. Transfer data from the originator's softwaresystems into Cypher to complete most of information needed in loanapplication package. The originator will manually input any otherrequired information not already provided by the originator's othersoftware systems. The originator may omit assets and liabilities. If theoriginator does not input assets and liabilities then the Broker/Lenderwill complete this info.

Box 518 shows Personal information to be input in Cypher includes (butis not limited to) current address and phone number as well asinformation on whether or not the Buyer/Borrower currently owns or rentshis/her current home and the amount of the monthly housing payments. Ifthe Buyer/Borrower owns his/her current home then the market value isentered as well. Length of time at residence is also entered. Name andaddress of employer, time on the job, current compensation, job titleand employers phone number are also entered.

Box 520 shows Property information to be entered includes (but is notlimited to) sales price of home, contingencies, amount of deposits,amount of future deposits, etc. the originator also tells Cypher whetherthe Buyer/Borrower wants a set loan amount or if the loan is to be a setpercentage of the ultimate sales price.

Arrow 522 directs the system and procedure to continue Step #4 of FIG.3U.

FIG. 3U includes the following for STEP #4—(CONT)—FOR the originator“R”.

Box 530 shows Loan details to be entered include (but are not limitedto) estimated final sales price after all options are selected and anestimated final loan amount (should estimate on the high side); rate;term; points; whether or not there is a balloon payment; title andescrow fees (if Cypher has these fees in advance they can bepre-programmed into the system) and whether or not the Broker/Lender isgiving a credit for closing costs and if so the amount of the credit.Such a credit can be manually input or Cypher can calculate the creditif it is based on a pre-determined formula. The originator will alsoindicate whether or not the Buyer/Borrower will have impounds fortaxes/insurance.

Box 532 shows the originator must also complete the Declarations sectionon the loan application (example page 3 of current FNMA 1003), thissection discloses any lawsuits, bankruptcies, foreclosures, loandefaults, etc. Also, information about sex and national origin isrequested. If the Buyer/Borrower does not wish to provide informationabout sex and national the originator will acknowledge that theBuyer/Borrower does not wish to provide such information.

Box 534 shows the originator prints and explains forms to theBuyer/Borrower, including forms and pamphlets from the lot folder (theboiler plate forms). The Buyer/Borrower signs all forms.

Box 536 shows the originator collects all applicable documentation onthe stacking order checklist from the Buyer/Borrower, including (but notlimited to) W-2 forms, paystubs, bank statements, tax returns,bankruptcy papers, retirement information, etc.

Box 538 shows the originator packages up all gathered information andputs said information in a pre-determined stacking order and sends it tothe Broker/Lender for processing.

Arrow 540 directs the system and procedure to Continue with Step #5, ofFIG. 3Y.

FIG. 3V includes the following for STEP #2 and STEP #3—LICENSING andSETUP FOR the originator “C”.

Box 550 shows the originator will have access to the system throughtheir employer, a club or organization, church group, alumniassociation, their children's school, sports groups, over the Internet,etc.

Box 552 shows No license will be required, since consumer will beentering the data for himself/herself.

Box 554 shows the file folder. A separate file folder will be set up inadvance for each individual borrower. It will contain the appropriateindividual pamphlets, boiler-plate forms and disclosures, etc. that donot have to be specifically customized for each borrower. The files willbe given to the organization through which the Borrower accesses Cypheror can be obtained over the Internet. If the Borrower requests formsover the Internet then the Broker/Lender will send out the pamphlets anddisclosures. The Borrower will get other forms over the Internet.

Box 556 shows COMPUTERIZED SYSTEM. The System will be available over theInternet or on-site at the organizations to which the Borrower isaffiliated. The system will be set up to read data files from populartax preparation, accounting and financial planning software that may beavailable in order to reduce the amount of inputs required. The Borrowerwill input directly any additional information that is required but thatis not available through the additional software systems.

Arrow 558 directs the system and procedure to Continue with Step #4, ofFIG. 3W.

FIG. 3W includes the following for STEP #4—INFORMATION GATHERING—FOR theoriginator “C”.

Box 560 shows Consumer gathers his or her own information.

Box 562 shows the file folder. An explanation of the forms willaccompany the disclosures. File folder will be modified to comply withregulatory rules and professional organization rules and standards.

Box 564 shows DETERMINING RATE. Consumer will either get rates directlyfrom the Broker/Lender or use REALity check or other computerized systemto look up rates. Also, rates may be made available online or through afax distribution or fax-on-demand system.

Box 566 shows CYPHER. Consumer will transfer data from his/her othersoftware systems into Cypher, provided such interfaces are available.Any information that cannot be automatically extracted from othersources must be manually entered by the consumer. If Consumer so desireshe may omit assets and liabilities which will then be input by theBroker/Lender. Cypher will be modified to comply with regulatory rulesand professional organization rules and standards.

Box 568 shows Personal information to be input in Cypher includes (butis not limited to) current address and phone number as well asinformation on whether or not the Buyer/Borrower currently owns or rentshis/her current home and the amount of the monthly housing payments. Ifthe Buyer/Borrower owns his/her current home then the market value isentered as well. Length of time at residence is also entered. Name andaddress of employer, time on the job, current compensation, job titleand employers phone number are also entered.

Arrow 570 directs the system and procedure to continue Step #4 on FIG.3X.

FIG. 3X includes the following for STEP #4—(CONT)—FOR the originator“C”.

Box 580 shows Property information to be entered includes (but is notlimited to) sales price of home, contingencies, amount of deposits,amount of future deposits, etc. Consumer also tells Cypher whether theBuyer/Borrower wants a set loan amount or if the loan is to be a setpercentage of the ultimate sales price.

Box 582 shows Loan details to be entered include (but are not limitedto) estimated final sales price after all options are selected and anestimated final loan amount (should estimate on the high side); rate;term; points; whether or not there is a balloon payment; title andescrow fees (if Cypher has these fees in advance they can bepre-programmed into the system) and if the Broker/Lender is giving acredit for all or part of the non-recurring closing costs. Such a creditcan be manually input or Cypher can calculate the credit if it is basedon a. pre-determined formula. Consumer will also indicate whether or notthe Buyer/Borrower will have impounds for taxes/insurance.

Box 584 shows Consumer must also complete the Declarations section onthe loan application (example page 3 of current FNMA 1003), this sectiondiscloses any lawsuits, bankruptcies, foreclosures, loan defaults, etc.Also information about sex and national origin is requested. If theBuyer/Borrower does not wish to provide information about sex andnational origin, Consumer will acknowledge that the Buyer/Borrower doesnot wish to provide such information.

Box 586 shows Consumer prints all forms and also prints an explanationsheet regarding all the forms and then proceeds to sign the forms.

Box 588 shows Consumer collects all applicable documentation on thestacking order checklist including (but not limited to) W-2 forms,paystubs, bank statements, tax returns, bankruptcy papers, retirementinformation, etc.

Box 590 shows Consumer packages up all gathered information and putssaid information in a pre-determined stacking order and sends it to theBroker/Lender for processing.

Arrow 592 directs the system and procedure to Continue with Step #5, ofFIG. 3Y.

FIG. 3Y includes the following for STEP #5—PACKAGE RECEIVED BY THEBROKER/LENDER.

Box 600 shows the Broker/Lender receives package from the originator andreviews the package to determine whether or not the package is complete.If the package is incomplete, the Broker/Lender contacts the originatorto get missing information and arrange for delivery of missingdocuments.

Box 602 shows the Broker/Lender analyzes the loan package to determinewhether or not the loan will be submitted through an automatedunderwriting system or through traditional underwriting channels.

Arrow 604 directs the system and procedure to Continue with Step #6, ofFIG. 3Z.

FIG. 3Z includes the following for STEP #6—UNDERWRITING DECISION(AUTOMATED).

Box 610 shows Automated Underwriting System. The Broker/Lenderdetermines which system to use and which information in the loan packagewill be required for the system.

Box 612 shows Approved by System. If the automated underwriting systemapproves the loan then the Broker/Lender will analyze the conditionsthat are placed on the approval. The originator will be instructed as towhich items need to be ordered or requested by the originator. TheBroker/Lender will take care of the other conditions.

Arrow 614 directs the system and procedure that the Borrower SignsPapers, Continue with Step #7, of FIG. 3AD.

Box 616 shows Not Approved by System. Automated systems will notgenerally decline a loan. The system is more likely to request that afile be underwritten manually. The Broker/Lender will look at thereasons given by the system for not approving the loan and determinewhether any requested parameters can be changed to get the loanapproved.

Arrow 618 directs the system and procedure to continue Step #6 of FIG.3AA.

FIG. 3AA includes the following for STEP #6—UNDERWRITING DECISION(AUTOMATED)—NOT ACCEPTED.

Box 620 shows Different System to be Used. If the Broker/Lender feelsthat no changes to loan parameters are likely to change the outcome, theBroker/Lender may elect to submit the loan for automatic underwritingthrough a different service.

Box 622 shows Loan Parameters to Change. If the Broker/Lender feels thatby changing the requested loan parameters that the system may accept thetransaction, then the appropriate changes are made and the loan isre-submitted for an automated underwrite. (Back to FIG. 3Z).

Box 624 shows No Additional Attempts. The Broker/Lender will determinewhether or not it appears that the loan can be approved throughtraditional underwriting. If so, then the loan is processed for atraditional loan submission. Otherwise, the Broker/Lender may elect todecline the loan and notify the originator and the Buyer/Borrower.

Box 626 shows Process Stops.

FIG. 3AB includes the following for STEP #6—UNDERWRITING DECISION(TRADITIONAL).

Box 630 shows Non-Automated Channels. The Broker/Lender determines thatnormal “Rules Based” underwriting is more appropriate for thistransaction.

Box 632 shows the Broker/Lender will obtain a credit report and fill outthe liability section of the loan application. The Broker/Lender willalso complete the Assets section of the loan application usinginformation provided on asset statements and other information providedby the Borrower (i.e. cash, investments, stocks, etc.) The Broker/Lenderwill analyze the Borrower's income, assets, liabilities, etc. todetermine what additional information is needed and whether or not theloan can be obtained. The Broker/Lender will contact the Buyer/Borrower,and complete any missing information, including items that wereinitially left off the loan application. If the Broker/Lender determinesthat the loan cannot be done as requested, then the Buyer/Borrower is soinformed at this time. If the Broker/Lender is going to continue workingon the loan, then the loan application is forwarded to theBuyer/Borrower along with any changes or additions that have been madeby the Broker/Lender for the Buyer/Borrower to acknowledge any changes(by initialing).

Box 634 shows the Broker/Lender will order any required verifications(deposit, mortgage, rent, employment, etc.).

Box 636 shows the Broker/Lender will either open an escrow and order thetitle reports or instruct the originator to do so as appropriate. Ifsuch services have already been ordered by the originator then theBroker/Lender will contact the service providers to request the neededdocumentation.

Box 638 shows when appropriate, the Broker/Lender instructs theoriginator to order the appraisal through an appraisal servicedesignated by the Broker/Lender. Appraisal service will send thecompleted report directly to the Broker/Lender.

Arrow 640 directs the system and procedure to continue Step #6 of FIG.3AC.

FIG. 3AC includes the following for STEP #6—UNDERWRITING DECISION(TRADITIONAL).

Box 670 shows when the package is ready, the Broker/Lender determineswhich Lender/Investor will receive the package. If first Lender/investordeclines the loan, the Broker/Lender may submit it to another source.

Box 672 shows Loan Declined. If the Broker/Lender determines that theloan cannot be funded, then the originator and the Buyer/Borrower are sonotified. The process stops.

Box 674 shows PROCESS STOPS.

Box 676 shows Loan Approved. The Broker/Lender receives approval fromthe Lender/Investor. The Broker/Lender notifies the originator anddiscusses any conditions. The Buyer/Borrower will be notified by eitherthe originator or the Broker/Lender as appropriate.

Box 678 shows the originator gathers and coordinates certain conditions(per instructions of the Broker/Lender) and forwards these items to theBroker/Lender.

Box 680 shows the Broker/Lender gathers and coordinates remainingconditions and forwards all conditions to final Lender/Investor.

Box 682 shows upon completion of all “Prior-to-Doc” conditions, theBroker/Lender orders the loan documents.

Box 684 shows Lender/Broker notifies the originator that loan documentsare ready and instructs the originator to coordinate the signing of thedocuments.

Box 686 shows the Borrower signs final loan documents.

Arrow 688 directs the system and procedure to Continue with Step #7, ofFIG. 3AD.

FIG. 3AD includes the following STEP #7—LOAN FUNDING.

Box 690 shows Escrow Holder sends out signed oan documents toappropriate party as follows:

Box 692 shows the following. If Lender/Investor is to Fund Loan. Escrowholder sends funding package to Lender/Investor for final review.

Box 694 shows after approval of loan documents and verification of allconditions being met, Lender/Investor will fund the loan.

Box 696 shows Escrow Holder receives funds and records transaction withthe county or appropriate governmental agency.

Box 698 shows the Broker/Lender is paid by the Lender/Investor. TheBroker/Lender reimburses the Buyer/Borrower for any agreed upon costs.

Arrow 700 directs the system and procedure to Continue with Step #8, ofFIG. 3AE.

Box 702 shows the following. If the Broker/Lender is to Fund Loan.Escrow holder sends funding package to the Broker/Lender for finalreview.

Box 704 shows after approval of loan documents and verification of allconditions being met, the Broker/Lender funds the loan from a warehouseline.

Box 706 shows Escrow Holder receives funds and records transaction withthe county or appropriate governmental agency.

Box 708 shows the Broker/Lender prepares the package for sale to finalLender/Investor.

Box 710 shows after being compensated by Lender/Investor, theBroker/Lender reconciles all costs involved with the warehouse line,etc, and reimburses the Buyer/Borrower for any agreed upon costs.

FIG. 3AE includes the following for STEP #8—LOAN CLOSED.

Box 720 shows the Broker/Lender determines how much to compensate theoriginator in accordance with a predetermined agreement for services.

Box 722 shows the Broker/Lender enters the Borrower's loan informationinto his/her proprietary software system “Rate Analyzer” for possiblefuture refinances,

Box 724 shows the following. If the Borrower came to the Broker/Lenderthrough a real estate agent, financial institution, consumer direct orbuilder then the Broker/Lender will contact the consumer directly when“Rate Analyzer” indicates a refinance is possible.

Box 726 shows the following. If the Borrower came to the Broker/Lenderthrough a CPA, financial planner, etc. then the originator will becontacted when Rate Analyzer indicates a refinance is possible and theoriginator will start the process again.

As illustrated in FIG. 4, builders utilize a series of screen displays30 starting with Main Menu screen display 30 a that has selection tabs32 which are selected by pointing and clicking mouse 14 to move throughscreen displays 30. Selecting the File tab 32 a leads the builder toFile Management Control display screen 30 b (FIG. 4B) from which thebuilder can create a new file for a particular buyer and propertycombination by selecting tab 34 a or select an existing file byselecting tab 34 b.

Selecting the Contract Info tab 32 b from Main Menu display screen 30 aleads the builder to Contract Information screen displays 30 c (FIG. 4C)and 30 d (FIG. 41)). Builders can receive the system pre-configured foreach tract with separate data files already established for each lot inthe subdivision as shown on Contract Information—Lot and Costs screendisplay 30 c (FIG. 4C).

If the subdivision already has pre-configured plans and/or elevationsthen the system is also pre-set with this data and displayed in fieldgroup 34 a, enabling the builder's sales agents to spend less timeentering data and more time doing sales related activities. If givenlots have a predetermined lot premium from the beginning of thedevelopment then this also is preconfigured and displayed in field 34 b.Other pre-configured information that may be provided includes lenderinformation 34 c, liquidated damages information 34 d, late closepenalty information 34 e, escrow company 34 j and whether the propertyis subject to Covenants, Conditions, and Restrictions (CC&R's) 34 f or aprior sale 34 g. The builder enters any other information not alreadypre-configured that is needed to complete the loan application such asthe loan to value (LTV) to use for loan calculations 34 h, and thedeposits received 34 i, Amounts such as the total purchase price 34 kand loan amount 34 l are automatically calculated. Selecting the Nextbutton 341 moves the builder to Contract Information-Buyer Info displayscreen 30 b (FIG. 4D).

On Contract Information-Buyer Info display screen 30 d the builderenters information regarding the buyer into the system and then returnsto Main Menu display screen 30 a when done by selecting Main Menu button36 a. The builder enters information such as the buyer's address 36 b,telephone number 36 c, current home information 36 d. By selecting theCopy Address button 36 e, the information from the first listed buyerfields 36 b, 36 c and 36 d is copied into the co-buyer fields 36 f. Thebuilder also enters information regarding the buyer's social securitynumber 36 g, the co-buyer's social security number 36 h, the buyer'semployment 36 i and the co-buyer's employment 36 j.

Selecting Loan Info tab 32 d from Main Menu screen display 30 a leadsthe builder to Loan Information screen displays 30 e (FIG. 4E), 30 f(FIG. 4F) and 30 g (FIG. 40), On screen display 30 e, the builder entersloan information 38 regarding the loan amount 38 a (if not alreadyentered) and terms for first mortgage 38 b, and if not pre-configured,escrow/title/tax issues 38 c and credit to closing costs 38 d. Selectingthe Next button 40 moves the builder to the next Loan Information screendisplay 30 f where the builder answers a series of yes/no questions 38 eregarding the borrower and co-borrower (i.e., buyer and co-buyer) bychecking the appropriate answer box. The builder also selectsappropriate responses regarding the residence of the borrower andco-borrower from pull down fields 38 f. Again, selecting Next button 42moves the builder to the next Loan Information screen display 30 g. Onscreen display 30 g the builder enters information for governmentmonitoring purposes on the borrower and co-borrower by selecting theappropriate boxes 38 g. In text field 38 h, the builder provides anyexplanations required for the declarations made on screen 30 f or anyother explanatory information necessary. The builder then returns toMain Menu screen display 30 a by selecting the Main Menu button 44.

Selecting Builder Forms tab 32 from Main Menu screen display 30 a leadsthe builder to Builder Forms screen display 30 h (FIG. 4H). The builderselects the boxes 46 for the builder forms that are to be printed.

Selecting Loan Forms tab 32 from Main Menu screen display 30 a leads thebuilder to Loan Forms screen display 30 h (FIG. 4H). The builder selectsthe boxes 48 for the loan forms that are to be printed.

[280] Owner-sellers have the system pre-configured with the informationon the subject property. Where appropriate, real estate agents have thesoftware system pre-configured to print out the purchase agreementgenerally used by members of their local Board of Realtors or multiplelisting service group as well as additional forms and disclosures thatare generally used and accepted and/or required. The real estate agentcan also interface with his or her local MLS group to draw all of thepertinent property information into the system directly from the MLScomputer service provided the MLS allows the real estate agent to accessthe system in this way. If the real estate agent's MLS provider isunable or unwilling to so cooperate but has the data available on theInternet then an additional software module is included to allow thereal estate agent to view the information in a popular web browser suchas those readily available by Netscape and Microsoft. This addedsoftware module is pre-programmed to translate the data that will bepresented on a given screen of information from a web site and canactually save the appropriate fields to a data file that can be accessedby the loan origination system.

As illustrated in FIGS. 5A-5G, in the case of CPAs and other taxpreparers acting as loan originators the system is set up to default toa refinance as shown on screen display 50 in FIG. 5D, as this is themost common function for these types of loan originators. The system canalso be configured for purchases rather than refinances. Informationregarding the current lien holder 52 a, amount owed 52 b and thepriority 52 c is entered into the appropriate fields if the informationis not available from other customer service software in memory unit 24and transferred into the system of the present invention as explainedbelow. Otherwise, the screen displays are substantially the same as forthe builder screen displays shown in FIG. 4A-4H and operate in the samemanner to collect the same information. The system provides an interfacewith (or accept exported data from) popular tax preparation oraccounting software which allows the loan originator to utilize detailedincome and asset data already in his or her possession to reduce theloan origination time, and potential errors in inputting duplicate data.The system can also be incorporated into accounting or tax preparationsoftware if so desired, which would allow seamless integration withlittle additional work.

In the case of direct consumers acting as loan originators the softwaresystem is configured to accept exported data from popular tax and oraccounting software systems or is directly incorporated into tax and/oraccounting software such as Intuit's Quicken®, QuickBooks® andTurboTax®. Popular accounting software often maintains detailedinformation on a consumer's assets and liabilities and has incomeinformation by way of evidence of net payroll deposits. Tax software mayhave definitive income information as well as information on theborrower's current property addresses and the addresses of any rentalproperties owned as well as income and expense information on thoseproperties. All this information is needed in the processing of amortgage loan and the consumer uses these system packages to submit aloan application directly to a final lender, bypassing the loan agent orloan broker to save additional fees or obtain a lower interest rate forthe same fees.

The system is configurable to provide other professionals with a versionof the software that best suits their situation. The user interfacescreens illustrated in FIGS. 4A-4H and FIGS. 5A-5G would be modified toreflect the type of information that these other professionals alreadypossess as well as meeting their specific needs.

Once basic information on the borrower (i.e., loan customer) is in thesystem and basic questions are answered, the loan originator need onlyprovide a few loan details to make the final calculations and print theforms and reports. This information includes, but is not limited to, oneor more of the following: loan amount, interest rate and points charged,length of the loan term and whether or not there is a balloon paymentrequired. The system is customized with standard fees for other servicesrequired in the processing of a loan application which includes, but isnot limited to, one or more of the following: fees for appraisals,credit reports, loan discount and/or origination, broker fees, floodcertificate, tax service fees, wire transfer, processing, underwriting,document preparation, administration, other miscellaneous lender fees,various title and escrow company fees, charges for escrow, owner's titleinsurance, lender's title insurance, courier, processing, documentpreparation, notary, charges for any required endorsements, and typicalcounty, city and state taxes/stamps, recording fees, etc. Any other feesthat are typical to a given area or loan program can also be customizedbefore the system is distributed to the loan originator, which in turnreduces the amount of detailed know edge about loan or mortgageorigination that is required by the loan originator.

The system is directly linked with title insurance companies, escrowcompanies, pest control companies, home inspection companies and otherservice providers to speed up the process as well as provide instantinformation with regards to fees charged. Companies that wish to be apart of the system can offer reduced rates and fees if so desired due tothe greater ease with which the service can be processed. If suchcompanies do not wish to provide a direct active link for the system buthave relatively stable fees or fee charts for their services then suchfees are pre-programmed into the system to provide accurate data.

The system uses these figures to make certain assumptions with regardsto the various loan programs that allow printer 20 of computer system 10to print out original loan application documents and disclosure formsthat are complete enough for a lender to accept them for the processingand approval of a mortgage or other real estate loan. In the case forwhich a loan program requires impounds for taxes and hazard insurancethen the loan originator is so informed and initial reserves for theseitems are also specified. If impounds are optional the loan originatoris so informed and allowed to select whether or not impounds aredesired. If impounds are not available the loan originator is also soinformed.

The data from the system is corroborated by linking with a creditreporting service and the actual debt accounts are imported directlyinto the system using such a service. This information includes as muchof the following information on each account as is available from theinformation service provider:

-   -   1. Account type    -   2. Name of lender/creditor    -   3. Account number    -   4. Balance owed    -   5. Months reported    -   6. Monthly payment    -   7. Number of payments remaining    -   8. High credit limit    -   9. Any other information available

If the final lender or investor accepts on-line collateral assessmentsor appraisals then the system is linked to service providers which offersuch reports and the data is drawn directly into the processing system.

If the final lender or investor accepts underwriting decisions made byan automated underwriting system such as Loan Prospector, DesktopOriginator, Desktop Underwriter or any new such system to be developedor if the final lender or investor has his/her own in-house automatedunderwriting system (such as GE Capital's OMNI Score) then the systemcan also be linked to such underwriting systems to allow the loanoriginator to get an immediate approval if the borrower is qualified forsuch immediate approval.

This system makes a typical loan broker or lender's loan officerunnecessary as the referral source or direct consumer is able to providenearly as much value added to the transaction as is normally provided bythe loan officer. The system allows lenders, mortgage brokers, mortgagebankers, and investors to compensate the loan originator for originatingthe Ioan(s),

As shown in FIG. 6, the system carries out the above described processesby means of a central data processing hub or host computer 60 whichcoordinates and processes information between two or more of thefollowing:

-   -   1. Multiple Listing Services (MLS) 62 a    -   2. real estate offices 62 b    -   3. lenders/underwriters 62 c    -   4. appraisers 62 d    -   5. title companies 62 e    -   6. escrow companies 62 f    -   7. home inspectors 62 g    -   8. pest control companies 62 h    -   9. tax service companies 62 i    -   10. flood certification companies 62 j    -   11. credit reporting agencies 62 k    -   12. other appropriate professionals involved in a real estate or        real estate loan transaction 62 l    -   13. investors 62 m    -   14. loan originators 64.

The system, as depicted in FIG. 6, has a hub and spoke configuration,where the flow of information is controlled by central hub 60.Information is exchanged between loan originator 64 and other entities62 via central huh 60. Data transfer links 66 between central hub 60 andentities 62 and 64 may be any suitable transfer mechanism such as theInternet or a direct modem connection. As depicted in FIG. 7, multipleloan originators 64 are coupled to central hub 60.

The loan originator computer system allows the loan originator to inputdata that he or she already has or obtains from the borrower, into thesystem via a pre-developed matrix for organizing the information such asthe screen displays of FIGS. 4A-4H and FIGS. 5A-5G, If using othercustomer service computer software system(s), then the information willbe transferred through the computer or other electronic media to formsor systems needed by the loan originator to coordinate the information.

The system of the present invention dictates that the loan originatorfollow specific steps in gathering the information and disclosinginformation to the buyer or borrower, and providing proper documentationto the lender or investor. These steps will include some or all of thefollowing:

Fill out the loan application, either by hand or through a computerassisted processing system.

Analyze buyers' or borrowers' income and debt to determine the maximummortgage that the borrower can afford either using a calculator or acomputer prequalification system.

Educate the buyer or borrower in the home buying and financing process,advising him or her about different types of loan products available anddemonstrate how closing costs and monthly payments may vary underdifferent programs. This may be done with hand-out fliers that gothrough most of the explanation for the loan originator, such asstandard regulatory pamphlets and through information generated by thesystem (examples of which are included in Appendix A).

Collect required financial information as appropriate which may includeone or more of the following: pay stubs, W-2 forms, tax returns, bankstatements, 401K and/or pension and/or profit sharing statements,divorce decree, bankruptcy and bankruptcy discharge papers and anyadditional information as may be required by the final lender orinvestor for a given loan program.

Maintain regular contact with the buyer or borrower, the lender and anyreal estate agents that may be involved and anybody else involved in thetransaction between the application and the closing of the transactionto apprise buyer or borrower of the status of the application and togather any additional information, as needed.

Order any legal documents required, including but not limited to any ofthe following, as appropriate: preliminary title report, Covenants,Conditions and Restrictions (CC&Rs), homeowner's associationcertificates or any other required documentation on the property.

Determine whether the property is located in a special flood hazard zoneor order such service through a flood certification company to sodetermine.

Participate in the loan closing.

Initiate and order the appraisal through an appraisal service determinedby lender or investor.

Provide appropriate loan disclosures when necessary, such as good faithestimate, fair lending notices, disclosures about the relationshipbetween the lender or investor and the loan originator including thecompensation to be paid to originator by lender/investor and otherdisclosures as may be required by various laws or licensingrequirements.

Give copies of everything that has been signed by the buyer or borrowerto the buyer or borrower as well as any fliers or handouts deemednecessary by the broker, lender or investor.

For various programs the lender or investor will determine which of thepreceding items must be completed in order to qualify for compensationand whether any additional requirements must also be fulfilled. Theoriginal signed copies of all documentation are forwarded to the broker,lender or investor for processing and loan approval, along with astacking order form generated by the system (an example of which isincluded as the last page of Appendix A).

Loan Calculation Module

The loan origination software present in computer system 10 alsocontains a module for enabling real estate agents, CPAs, attorneys, homebuilders and other mortgage and non-mortgage related persons to providepotential home buyers or homeowners with a variety of financing options,open house fliers, pre-qualification certificates and loan parameters.

The system enables in-depth mortgage calculations to be computed on avariety of mortgage loan programs even if the computer user has limitedor no knowledge of current rates and loan guidelines. This enables alender to provide the information to his/her own agents as well asprospective referral sources on as many of the brokers or lendersprograms as the broker or lender desires. The in depth calculations andinformation provided enable the loan originator to appear extremelyknowledgeable in real estate tending even if this is not the case.

Computer data files with current rates and program guidelines aremaintained on a bulletin board system or other host computer system atbroker or lender's site or another site designated by broker, lender orsoftware provider. Central hub 60 periodically polls the bulletin boardor host system to obtain the rate and program information. These filetransfers will take place through a computer modem, or other electronicmedia. Such rates can be updated as often as lender desires, preferablyat regular intervals. File transfers can also take place through anInternet connection if available. When the file transfer portion of thesystem of the present invention is executed, information on each andevery prospective borrower from each and every user of the system iscompiled into a single file at central hub 60 which is then transmittedby central hub 60 to lenders 62 c. This enables the lender to gatherdesired information on prospective clients even if the referral sourcechooses not to provide it to the lender.

Additionally, central hub 60 collects current rate and program guidelinedata from lenders 62 c, which is then transferred on data link 66 to allof the loan origination computer systems 10 in the field along with thefiles required to process the rates and any additional bulletins orprogram changes. The rate and program guideline updates are-transferredupon request from the individual loan origination computer systems 10.However, the system may be configured to transmit the updates to theloan origination computer systems 10 at loan originators 64 periodicallywithout waiting for update requests.

The loan originator inputs loan calculation data regarding the borrowerinto the system by means of user interface screens 68 a-h, as depictedin FIGS. 8A-8H, and keyboard/mouse input devices. When the portion ofthe system that runs calculations is executed it reads a data file onmemory unit 24 that tells the system one or more of the following itemsabout the authorized user acting as a loan originator: name, companyname, address, telephone number and any other information previouslyinput by the authorized user. If more than one authorized user uses thesame machine or network installation then the loan originator isprovided with a list from which to select his or her name. This way allreports can be personalized with the loan originator's name, address andphone number as well as the name, address and phone number of the loanoriginator's contact person with the broker or lender. If accessing overthe Internet, the loan originator identifies himself-or herself througha login procedure. At least a portion of the information is displayed onmain menu screen display 68 a as shown in fields 70 a and 70 b of FIG.8A.

Once the loan originator is into the main body of the program thefollowing areas can be selected from main menu screen display 68 a bypointing and clicking on the appropriate tab with mouse 14: filemanagement 72 a, borrower info 72 b, qualifier 72 c, rate sheets 72 d,detailed program information 72 f and open house flier generator (notshown but would be presented as another tab to the right of the programinfo tab 72 f.

File management (screen 68 b in FIG. 8B): The loan originator is allowedto either create a new file 74 a or select a previously created file 74b. Once a file is opened or created the loan originator returns to themain menu screen display 68 a.

Borrower info (screen 68 c in FIG. 8C): If the loan originator has noteither opened or created a file, then he or she is prompted by thecomputer to enter a new, unique file name for this session. On this nextscreen 68 c the loan originator is able to enter information on thebuyer or borrower including one or more of the following in fields 76:name(s) 76 a, address 76 b, telephone number(s) 76 c, income(s) 76 d,social security number(s) 76 e, and any other information desired by thelender. System allows the loan originator to input the income as weekly,monthly or annually in fields 76 f, but then converts the enteredfigures internally into a monthly figure for debt ratio calculations. Ifcalculations are being run for a purchase then the loan originatorinputs the money to be used for a down payment in field 76 g. Ifcalculations are being run for a refinance then the loan originatorinputs the value of the property. If the loan originator is a realestate agent processing info for a listing then a list price can also beentered (fields not shown). The data entered on this screen is saved toa master file in memory unit 24 for the current loan originator which iscompiled and sent on to the lender the next time rates and programs areupdated. Pressing the DONE button 76 h moves the loan originator toQualifier screen 68 d.

Qualifier (screens 68 d in FIG. 8D): The loan originator is prompted infield 78 a to indicate to the system whether calculations are to be runfor the maximum loan amount or purchase price under each loan program orfor a specific loan amount or purchase price. The purchase price isentered in field 78 b and whether the property is a condominium in field78 c. The loan originator also inputs the amount of the monthly paymentsthat borrower is currently making for other debt servicing in fields 78d. The amount of the funds available, which is carried over from screendisplay 68 c, is indicated in field 78 e. The loan calculation is basedupon this amount as the down payment, unless one of the fixed percentagebuttons 78 f is selected. Selecting one of the buttons 78 f will alterthe value in field 78 d in accordance with the percentage selected andthe loan calculation will be based upon this amount of down payment.Pressing the CALCULATION button 78 g performs the calculation and movesthe loan originator to either Calculation Results screen 68 e orQualification information screen 68 f depending on the selection made infield 78 a.

If the loan originator has specified maximum loan amount/purchase pricethen the system takes several steps to determine the maximum loan amountand/or purchase price under each and every program. The resultantinformation is displayed on Qualification Information screen 68 f inFIG. 8F. The information can be printed in either summary or detailedform by selecting Print Info button 82 a. Steps taken include:

-   -   1. Calculating the maximum loan amount allowed under the program        based on the equity in the property.    -   2. Calculating the maximum total loan payment for principal,        interest, taxes and insurance (PITI) based on debt ratios        allowed under the program.    -   3. Calculating the maximum total debt load allowed under each        program and comparing this number with a sum of the maximum PITI        and the current monthly debt for other expenses. If this sum is        greater than the maximum total debt allowed, then the maximum        PITI for each program is appropriately reduced to allow the        total debt servicing to be within program guidelines.    -   4. Running appropriate calculations based on other loan program        guidelines. If any restriction indicates that a maximum loan        amount under a given program is less than the strict maximum        from step 1 above then a temporary “maximum” is stored with this        reduced number.    -   5. PITI is calculated based on the final “maximum” loan amount        and is compared to the maximum PITI from steps 2 and 3. If this        new calculation is greater than the allowable amount then the        computer system lowers the loan amount calculated in step 4 by        increments calculated by interpolating the difference between        allowed PITI and the PITI for the requested loan amount in order        to approach a final maximum loan amount. This step repeats        itself up to 100 times in order to come as close as possible to        the maximum number.    -   6. The system can also be customized for any of the above listed        program variations to show how far the lender typically        stretches things by “exception” and this information is compiled        into a separate list to show how much more the borrower may        qualify for if the exception is granted.    -   7. This information is then organized and output to the screen.        The loan originator has the option of several different reports        to organize data in a printed format.

If the loan originator has selected a specific loan amount or purchaseprice in field 78 a then the system runs the exact same steps 1-6 fromabove, and then compares the maximum loan amount or purchase price ineach loan program with the request loan amount or purchase price. Theresultant information is displayed on Calculation Results screen 68 e inFIG. 8E. Any instance for which the maximum loan amount or purchaseprice is greater than the amount requested is a match and the loanprogram's data is transferred into a temporary array of qualifyingprograms. Finally the PITI is calculated for each loan program under therequested loan amount or purchase price and the data is output to thescreen. If exception data is also used and required for the output thena second list is used to show programs for which borrower may qualify ifthe exception is granted. From Calculation Results screen 68 e, the loanoriginator then has the option of several reports to organize the datain a printed format by selecting button 80 a. The loan originator canalso print out a pre-qualification certificate by selecting button 80 bif and only if the borrower appears to qualify under at least one loanscenario. The qualification module also calculates appropriate APRs ifneeded in order to distribute the calculations to the public.

Once the loan originator is done with the qualification screens the loanoriginator returns to Main Menu screen display 68 a by pressing the DONEbutton 80 c on screen 68 e or 82 b on screen 68 f.

The Rate Sheet option 72 d from Main Menu screen display 68 a prints outrate sheets showing all the programs on the system and various tiers ofretail pricing, if available.

The Loan Program Info option 72 f from Main Menu screen display 68 asends the loan originator to display screen 68 g in FIG. 8G to give theloan originator the option of selecting from a list of the loan programson the system displayed in field 84 a. The loan originator scrolls tothe desired loan program and selects the view details button 84 b toview various loan program details such as current rates and fees, index,margin and caps for ARMs and allowable loan amounts at various loan tovalue ratios as displayed on Detailed Program Information screen display68 h in FIG. 8H. If the system is customized with “exception” guidelinesthen these are also shown here.

The open house flier option is only available in cases for which theloan originator is a real estate agent, builder or full service brokerand allows the loan originator to select from a variety of programs toprint up open house fliers for the loan originator's marketing purposes.These fliers have the name, address and phone number of the loanoriginator and the loan originator's company as well as the name,address and phone number of the lender and the loan originator's contactperson with lender. The open house flier calculates APRs if needed inorder to show the fliers to the public,

From the above description, it will be apparent that the inventiondisclosed herein provides a novel and advantageous mortgage loan andfinancial services data processing system. The foregoing discussiondiscloses and describes merely exemplary methods and embodiments of thepresent invention. One skilled in the art will readily recognize fromsuch discussion that various changes, modifications and variations maybe made therein without departing from the spirit and scope of theinvention. Accordingly, disclosure of the present invention is intendedto be illustrative, but not limiting, of the scope of the invention,which is set forth in the following claims.

1. A system comprising: means for processing a mortgage loan for a loancustomer from loan application data prepared by a loan originator atleast partly operating a loan originator computer in coordination with aloan broker distinct from the loan originator, comprising: means for theloan originator providing services necessary for an origination of themortgage loan and not duplicative of services provided by the loanbroker that legally comply with guidelines of federal and state law,further comprising means for transferring the loan application data fromthe loan originator computer to a loan broker computer operated by theloan broker; means for reviewing the loan application data to determinecompleteness; and means for completing a loan application whenever theloan application data is incomplete by contacting the loan originator.2.-20. (canceled)